Indus Capital Partners, LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Indus Capital Partners, LLC reported 4 stock positions worth $79.9 million. Its top holding was HDFC Bank Ltd.-ADR (HDB) at 71.3% of the portfolio, followed by H World Group Ltd.-ADR (HTHT, 23.4%) and KT Corp.-SP ADR (KT, 3.7%). Compared with Q1 2025, it opened 1 new position, sold out of 2, added to 1 and reduced 1. The biggest buy was H World Group Ltd.-ADR (HTHT, shares +44%) and the biggest sale an exit from GDS Holdings Ltd. - ADR (GDS).

Most Recent 13F
Q2 2026
Location
NEW YORK, NY
CIK
0001350879
Portfolio Value
$79.9M (Q2 2025)
SEC Filing
0000919574-25-004622 ↗ filed Aug 13, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $160.9M Q1 2024 Q2 2024: $163.3M Q2 2024 Q3 2024: $149.4M Q3 2024 Q4 2024: $139.1M Q4 2024 Q1 2025: $105.9M Q1 2025 Q2 2025: $79.9M $79.9M Q2 2025 Q3 2025: $29.7M Q3 2025 Q4 2025: $30.9M Q4 2025 Q1 2026: $39.7M Q1 2026 Q2 2026: $29.9M Q2 2026

Holdings 4 stocks · $79.9M
HDB HDFC Bank Ltd.-ADR 71.33% 743,077 $57.0M Reduce -11.0%
HTHT H World Group Ltd.-ADR 23.44% 551,824 $18.7M Add +44.0%
KT KT Corp.-SP ADR 3.74% 143,900 $3.0M New
BEDU Bright Scholar Education-ADR 1.49% 670,589 $1.2M No change

Portfolio Sells Q1 2025 → Q2 2025
GDS GDS Holdings Ltd. - ADR Sold out 0.00% −32.10
PDD PDD Holdings Inc. Sold out 0.00% −1.08
HDB HDFC Bank Ltd.-ADR Reduce -11.0% 71.33% +18.97

Portfolio Buys Q1 2025 → Q2 2025
HTHT H World Group Ltd.-ADR Add +44.0% 23.44% +10.04
KT KT Corp.-SP ADR New 3.74% +3.74

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 2$29.9MHTHT, KT
Q1 2026 2$39.7MHTHT, KT
Q4 2025 2$30.9MHTHT, KT
Q3 2025 3$29.7MHTHT, KT, BEDU
Q2 2025 4$79.9MHDB, HTHT, KT, BEDU
Q1 2025 5$105.9MHDB, GDS, HTHT, PDD, BEDU
Q4 2024 5$139.1MHDB, GDS, BEKE, BEDU, PDD
Q3 2024 5$149.4MHDB, BEKE, GDS, CTSH, BEDU
Q2 2024 5$163.3MHDB, YMM, BEKE, CTSH, BEDU
Q1 2024 5$160.9MHDB, YMM, BEKE, CTSH, BEDU